WILMINGTON, Del., April 8 /PRNewswire-FirstCall/ -- DuPont (NYSE: DD)
today announced that KED Fiber Ltd. and KED Fiber, LLC, subsidiaries of Koch
Industries, have advised DuPont that they intend to accelerate the closing of
the sale of INVISTA(TM) to April 30, 2004. DuPont and the Koch companies also
have agreed to an amendment of the purchase agreement, adjusting the sale
price to $4.2 billion, including the assumption of debt and certain joint
venture and equity interests covered under a non-binding letter of intent. No
further details were disclosed.
On November 17, 2003, DuPont announced that it had reached a definitive
agreement to sell INVISTA to subsidiaries of Koch Industries, Inc. for $4.4
billion that also included assumption of debt and certain joint venture and
equity interests covered under a non-binding letter of intent. At the time,
closing of the transaction was expected by June 30, 2004.
"We are very pleased to have reached final agreement on this enormously
complex commercial and financial transaction," said Gary M. Pfeiffer, DuPont
chief financial officer. "We are pleased to have a specific target date for
closing. We believe this transaction positions DuPont to create outstanding
value for our shareholders."
DuPont is a science company. Founded in 1802, DuPont puts science to work
by solving problems and creating solutions that make people's lives better,
safer and easier. Operating in more than 70 countries, the company offers a
wide range of products and services to markets including agriculture,
nutrition, electronics, communications, safety and protection, home and
construction, transportation and apparel.
Forward-Looking Statements: This news release contains forward-looking
statements based on management's current expectations, estimates and
projections. All statements that address expectations or projections about the
future, including statements about the company's strategy for growth, product
development, market position, expected expenditures and financial results are
forward-looking statements. Some of the forward-looking statements may be
identified by words like "expects," "anticipates," "plans," "intends,"
"projects," "indicates," and similar expressions. These statements are not
guarantees of future performance and involve a number of risks, uncertainties
and assumptions. Many factors, including those discussed more fully elsewhere
in this release and in documents filed with the Securities and Exchange
Commission by DuPont, particularly its latest annual report on Form 10-K and
quarterly report on Form 10-Q, as well as others, could cause results to
differ materially from those stated. These factors include, but are not
limited to changes in the laws, regulations, policies and economic conditions,
including inflation, interest and foreign currency exchange rates, of
countries in which the company does business; competitive pressures;
successful integration of structural changes, including restructuring plans,
acquisitions, divestitures and alliances; cost of raw materials, research and
development of new products, including regulatory approval and market
acceptance; and seasonality of sales of agricultural products.
SOURCE DuPont
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Related links:
http://www.dupont.com
CONTACT:
G. Irvin Lipp of DuPont, +1-302-774-7447,
g-irvin.lipp-1@usa.dupont.com
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